LoanCare, LLC

2017-10-05

Pinellas Park, FL

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: On XX/XX/XXXX I submitted an online request to inquire about the steps to have my Private Mortgage Insurance removed prior to the originally scheduled amortization date. I received a letter from the mortgage servicer dated XX/XX/XXXX stating that I needed to have an appraisal performed on my residential property in order for mortgagee requested PMI cancellation to be approved. The letter stated that since my loan originated less than 5yrs ago and was open for at least 2yrs, the appraisal would need to show a value for which my current loan to value amount would equal 75 %. The notice also stated that I would receive notice of cancellation or non-cancellation within 30 days after the appraisal and other evidence requirements were met. I submitted the funds for the appraisal and the servicer requested the appraisal. The appraisal was performed on XX/XX/XXXX. I received a copy of the appraisal on XX/XX/XXXX via UPS but without any documentation from the servicer. After waiting a couple additional days to see if the original request would be approved I contacted the servicer and was told that the cancellation request was not approved. When asked why, I was told the LTV ratio based on the appraisal value did not meet the required 75 % threshold. In the couple days prior to this call, I made a principal only payment which brought my loan to value ratio below the required threshold of the appraisal value. The payment was effective XX/XX/XXXX the same day the determination of non-cancellation was dated but never mailed or received until my phone conversation onXX/XX/XXXX. The agent provided a confirmation of mailing for the notice of non-cancellation, however that package only included a copy of the appraisal and no documentation from the servicer regarding the cancellation status. Based on the steps required by the servicer and the resulting value and LTV ratios I asked the representative onXX/XX/XXXX to please reevaluate the decision that was made on the same determination date as the payment was effective since the actual LTV was less than 75 % on that day. She told me the PMI department does not receive or perform any phone calls, but that she would forward my request to them and that they would respond within the required 30 days (XX/XX/XXXX ). She said there was no tracking number, but that they would respond. I then called back 2 weeks later to the only customer service number available and spoke with an agent who provided me a ( surprise ) tracking number and said that I would still be contacted byXX/XX/XXXX. Now that XX/XX/XXXX has come and gone without any response, and seeing that the servicer has made it impossible to speak directly with any representatives in the PMI department or the get a response from a dedicated person that can make a decision, I am reaching out to the CFPB for assistance. The customer service phone line has been busy for at least 2 days that I have attempted to contact about my request.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-10-04

Five Points, NC

Struggling to pay mortgage

Mortgage: VA mortgage

Complaint: I got behind on my mortgage after a disaster involving pipes bursting and backing sewage up into the house. I have to replace the main line pipes and refinish the basement after XXXX XXXX ripped out all the walls and carpeting. I spent my entire savings trying to make the house livable again which caused me to get behind on the mortgage. I applied for loss mitigation on XX/XX/XXXX. At that time I was 4 months behind on my mortgage. I called several times attempting to set up a payment plan to get the mortgage up-to-date but Loan Care refused to take any payments unless I paid the entire amount due. In XXXX, Loan Care denied my request for loss mitigation. I applied for loss mitigation again on XX/XX/XXXX via fax to XXXX since fax XXXX would not answer. After 3 week I had to resend the paper work again because Loan Care said they never received my documents. As of today, XX/XX/XXXX, I am 8 months behind on my mortgage and I was attempting to pay 5 months today but once again Loan Care would not accept a payment and I do n't believe they are going to approve my request for assistance. I am now having to try to sell my house before they foreclose on it because I ca n't get anyone to work with me on paying the mortgage. I 've owned this home for almost 20 years and this is the 2nd time in 20 years that I 've had financial difficulty, otherwise, I 've paid my mortgage as required.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-10-04

Bloomington, MN

Trouble during payment process

Mortgage: FHA mortgage

Complaint: On XX/XX/XXXX, I initially submitted a request to have my PMI removed on my Mortgage to LoanCare LLC, the servicer on my mortgage. At that time I had just paid my mortgage down to a better than 80 % LTV. I was told that at that amount that it is permissible to have the PMI removed following an analysis of the factors. I have never missed a payment and I have been paying on my mortgage for more than 5 years. The company claimed they never received this request when I called 2 weeks later, so at that time, I submitted a second request via email on XX/XX/XXXX. This they received as I received back an email response that they would respond to my request within 5 business days. I did not receive a response. Over the next month and a half, I called customer service repeatedly and sent additional emails. Only after I submitted a complaint the CFPB in mid-XX/XX/XXXX, did I finally receive a response from the company. Their response letter to me was dated XX/XX/XXXX. I received it in early XX/XX/XXXX. That means that their response time was almost 2 full months after the definitively received response from XX/XX/XXXX. The letter stated that they would not remove my PMI until I paid my loan to a better than 78 % LTV. I did so immediately and submitted a new request that they remove the PMI from my account on XX/XX/XXXX. The email response to my XX/XX/XXXX email said that they would respond withing 5 business days. It is now XX/XX/XXXX, and I still have no resolution on this issue. They continue to charge me for PMI. All of these delays make it seem like they are unwilling to stop charging me for the PMI. They are charging me for something that they are no longer legally allowed to charge me for ( according to their own letter to me and the FHA guidance I could find online for loans made in XX/XX/XXXX ) and the previous delays while they investigated removing the PMI seem like they were engineering to incur additional PMI charges. I indicated in at least one of my early emails requesting removal that I would pay to where needed immediately once I had confirmation of that amount, but they continue to drag their feet. I tried calling the company on Monday, XX/XX/XXXX. They were not even taking calls. You were allowed to leave a number for call back at their convenience ( after you spend 10 minutes going through the call-in process ). They called back while I was at work and unable to respond. So, there is absolutely no avenue for me to try to get resolution on this issue. When I send emails, they just give me a canned response. I ca n't speak to a customer service representative because they call back when it is convenience for them, not for when one is available.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-10-02

Spring Hill, FL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: Loan care did n't apply payments received then forced placed insurance on my home then filed foreclosure on my home will in foreclosure they credited me for forceplace I filed class action for forceplace they settled the case out of court but still I 'm in foreclosure please help me.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-29

Robertsdale, AL

Trouble during payment process

Mortgage: FHA mortgage

Complaint: My mortgage was recently sold to XXXX. This will only be my XXXX payment to them of both of which have been on time based on the policy at the time. Now they are charging fees for what they consider " past the due date ''. Mine is " due '' on the XXXX. They start charging fees starting on the XXXX and they get higher the more the days go by. I am not disputing that a late charge could be due, but there are several issue. When my first statement came out, the " late date '' was considered to be the XXXX. One, I was never notified in writing on the change and certainly did n't agree to it. Two, I have never been late on it, so I do n't see how they have the right to change their policy. This is nothing but a money grab from a greedy company penalizing responsible borrowers. Please address this issue. Thank you.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-29

Val Verde, TX

Struggling to pay mortgage

Mortgage: VA mortgage

Complaint: In XXXX XXXX, I started a deed in-lieu of foreclosure process with my original mortgage company, XXXX mortgage, due to being XXXX XXXX military and PCS'ing. As of XXXX XXXX, I was told the process was complete and just waiting closing. In XXXX XXXX, I discovered ( due to a delinquent alert on my credit report ) that my loan had been sold to Loan Care, LLC., and that I was now behind on payments. I promptly contacted XXXX XXXX who proceeded to tell me I would have to start all the paperwork over again. I completed the paperwork and sent the signed and notarized documents back to them in the XXXX XXXX timeframe. On XXXX XXXX, XXXX, it was reported to the VA that the deed in-lieu of was in the closing process. Since then, I have not received any closing paperwork or any finalization, and multiple attempts to contact the company have resulted in a run-around of being told the process is complete and they are unsure why it is still being reported to the credit bureau. On XXXX XXXX, XXXX the VA was able to see notes updated in the system saying the loan was closed. From there, my VA rep and I both attempted to contact the company for further information. The VA rep still has not received any response to her emails, and I was told on XXXX XXXX, XXXX that a letter had been sent to the credit bureaus to correct all data. On XXXX XXXX, XXXX, I contacted the mortgage company again to find out why no updates have occurred yet. I was transferred to a supervisor who told me that she could not see any of my information or notes in the system because " it was the wrong department '', and that she would email the POC and his supervisor with my information to return my call. I have left messages with the POC several times in the past and have never received a call back from the company. I still have not received any paperwork showing that the process has been finalized, and the credit bureaus still have not been updated to remove the delinquencies to fix my credit score. I also need the VA to receive all the final paperwork as well to restore my VA benefits. This process has been ongoing for a year and, due to my loan being sold and being unable to contact the right POC, still has not been completed or resolved.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-29

Los Indios, TX

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Complaint: your company failed to provide the required notice of additional required documents within XXXX ( XXXX ) business days in violation of Regulation X, 12 C.F.R. 1024.41 ( b ) ( 2 ) ( B ). Therefore this client 's application was entitled to be treated as facially complete pursuant to Regulation X, 12 C.F.R. 1024.41 ( c ) ( iv ). We are happy to provide any requested additional documents to complete this client 's loan modification review. It is improper, however, for you to deny this application based on a determination that the application is incomplete. Please suspend foreclosure during this appeal in accordance with Regulation X, 12 C.F.R. 1024.41 ( g ).
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-29

Carlsbad, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-27

AZ

Trouble during payment process

Mortgage: FHA mortgage

Complaint: I have made multiple attempts to cancel Mortgage Insurance on my loan with LoanCare over the last 8 months. They have been unresponsive and difficult to get in contact with and I have been unable to get the issue resolved. The instructions given by the LoanCare representative have been followed, and all requirements have been met.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-26

SC

Trouble during payment process

Mortgage: FHA mortgage

Complaint: I have a refund that is due to me, I had an escrow analysis done on my account on XX/XX/XXXX and since that analysis I am due a refund of 2100.00. I switch jobs in XXXX and had issues with my payroll so that cause me to lack on payment. I was told if I made a payment by the 15th they could cut me my refund check. Well time passed on and never received my check. Called in XXXX and spoke with a very rude customer service rep and I paid a payment onXX/XX/XXXX thinking my refund would be rushed and I would have it in 14 days. Well come 14 days which was afterXX/XX/XXXX I was told the check was n't cut because now it was afterXX/XX/XXXX. I explain to the young lady that I was told the check was already cut. She explain to me that she does n't know why I have n't received it but she would put in another request. On last week I called to follow up on my check and the rep told me that they did n't process the refund bc I was now due for XXXX but what she could do is take my payment for XXXX and XXXX out of my escrow refund and cut me a check of the difference. I explain to the young lady that XXXX payment will be paid, they would only need to take XXXX 's payment out of the refund and cut me a check for the difference. The customer service rep then called me back from loan care headquarters and told me she spoke with a manager and she would need me to send a request to the customer service email in order for her to take XXXXXXXX XXXX payment out of the escrow refund and she will cut me a difference in a check. Well I sent an email to customer service giving them permission to take XXXXXXXX XXXX payment out of my escrow refund and I also received a confirmation number from the email. Well I called todayXX/XX/XXXX to do a follow up and another customer service rep explain to me that I was misled and was given the wrong information. He said they would n't be able to take XXXXXXXX XXXX payment out of my escrow refund. He apologize and ask about the XXXX payment, well I told him I do n't have XXXXXXXX XXXX payment bc I was advised on last week that XXXX payment would be take from my refund and a check would be cut to me in 14 days ... .well I was lied to again! I spoke with a supervisor on today and she apologized and place me on hold to see what she could do to make it right. Well she could n't do anything either but tell me sorry and that she would listen to the call and find out who gave me false information. I am so upset because I have a refund that 's do to me sitting there and now I will be a month behind in my mortgage because I spent XXXX XXXX payments towards another bill because I was given false information. I have been given the run around on this account since XXXX, I 'm so tired of fighting this battle with Loan care.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-26

Tallahassee, FL

Trouble during payment process

Mortgage: Other type of mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-26

Ashburn, VA

Trouble during payment process

Mortgage: VA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-25

Gr, MI

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-25

Orchard Mines, IL

Trouble during payment process

Mortgage: VA mortgage

Complaint: My client is a XXXX veteran. On XX/XX/XXXX, he closed a VA loan for {$130000.00} through XXXX XXXX XXXX XXXX, XXXX. The loan is now serviced by LoanCare LLC. As part of his monthly payments, my client pays escrow ( approximately {$500.00} ), which includes over {$430.00} per month for property taxes. However, my client has been deemed by the VA as service-connected XXXX percent XXXX. As a result, under Illinois law, my client is fully exempt from paying real estate taxes his home. The Illinois Property Tax Code expressly states that if the veteran has a service connected XXXX of 70 % or more, as certified by the United States Department of Veterans Affairs, then the property is exempt from taxation under this Code. 35 ILCS 200/15-169 ( b-3 ) ( 3 ). My client completed the required property tax exemption form in Illinois ( XXXX XXXX ) and has a letter from the county assessment office that he WILL NOT have any tax liability for XX/XX/XXXX payable in XX/XX/XXXX. My client has requested NUMEROUS times that LoanCare cease collecting escrow amounts for property taxes that he is not actually liable for. In XX/XX/XXXX, my client even sent a correspondence to LoanCare with the assistance of the VA, including copies of his XXXX determination and the assessment office 's letter confirming he has a " zero tax bill. '' However, LoanCare has not responded. Instead, LoanCare has, to date, collected at least {$5300.00} for property taxes that are allocated for XX/XX/XXXX ( payable XX/XX/XXXX ) despite the fact that my client will not be liable for any such taxes. LoanCare only tells my client that he must wait for the next escrow analysis and will be given a refund of any escrow surplus. LoanCare also told my client that he can not change his escrow payment until he sends a XX/XX/XXXX tax bill ; however, those tax bills are not available until mid-XX/XX/XXXX. Moreover, my client has submitted adequate information from by the VA and the tax assessor office already. LoanCare is truly setting my client up for failure. Because he is service-related XXXX, my client receives VA benefits ; however, the amount of his VA benefits is low and he risks default if he is required to continue paying the mortgage including the escrow amounts as demanded by LoanCare through the end of the year or until a new escrow analysis is conducted. The Real Estate Settlement Procedures Act ( RESPA ) states that a lender may not require a borrower to deposit in any escrow account an aggregate sum in excess of a sum that will be sufficient to pay the escrow items. 12 U.S.C. 2609 ( a ). Regulation X, promulgated under RESPA, similarly states that the servicer may charge the borrower only a monthly sum equal to one-twelfth ( 1/12 ) of the total annual escrow payments. While an escrow analysis is required only once per year, this requirement sets a minimum and does not allow LoanCare to knowingly continue collecting excessive escrow amounts. Moreover, given the exceptions for refunding escrow surplus ( i.e. 30 day delinquency, etc. ), my client fears he will lose the surplus if he is not able to continue the payments. Reassessing the escrow will save my client over {$430.00} per month and will entitle him to a surplus refund of over {$5300.00}.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-23

Birch Run, MI

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Personal information incorrect
Complaint: Some how my address was changed to an unknown address and is now reported to my credit report. Company could not tell me who or how my info was changed. I have absolutely no connection with the address. Loancare.com. They recently bought my mortgage from XXXX XXXX added that I have no connection with is .... XXXX XXXX XXXX unit XXXX XXXX XXXX XXXX mi XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-21

Liverpool, TX

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: This complaint is against Loancare, a mortgage servicing company. My loan was previously serviced by XXXX XXXX XXXX. I took all of the correct measures with XXXX XXXX XXXX to have my PMI removed from my account. I paid {$4100.00} on XXXX/XXXX/XXXX to them so that my LTV ratio would be under 78 %. They approved PMI removal, but before they removed it, they sold my loan to Loancare. I have reached out to Loancare once per month for almost a year to have this resolved. I paid PMI for a total of 12 months after I had requested it be removed and after my LTV ratio was under 78 %. I sent a written request to have the PMI refunded in the full amount of {$720.00} and still do not have resolution. XXXX/XXXX/XXXX - I spoke with XXXX ( Agent # XXXX ) about needing PMI refund since my LTV ratio was currently under 78 %. I was still paying PMI at this time. He had me send an email to the insurance department. I never got a response. XXXX/XXXX/XXXX - I called back to check the status. I spoke with XXXX ( agent # XXXX ). He had me email the same information again. XXXX/XXXX/XXXX - I called back to check the status. I was still paying PMI at this time. I asked for a supervisor and was told that none were available and I needed to leave a message. I left my name and phone number for XXXX XXXX to call me back. I never received a phone call from her or any other supervisor. I spoke with XXXX ( agent # XXXX ). XXXX/XXXX/XXXX - Loancare finally cancelled the PMI on my account but still no refund on the over payment. I have sent countless emails with information for them. I keep getting told they are working on it and I have to continue to call back to check the status. XXXX/XXXX/XXXX - I called back to check again to check the status. I spoke with XXXX ( Agent # XXXX ) and was told that it takes 45 days to process the refund and they are waiting on XXXX XXXX to return my money but they are in the process. I need to call back. XXXX/XXXX/XXXX - I spoke with XXXX ( agent # XXXX ) and was now told that I need to send a handwritten request for the refund. I sent this via email and received ticket # XXXX. She told me that I needed to call back 5-8 business days later to check the status. XXXX/XXXX/XXXX - I called back to check the status and the refund was being " reviewed '' with the insurance department. I had been told a month before this that it had already been processed. Either way, I was told it takes another 20 business days to approve this time. XXXX/XXXX/XXXX - I called back to check the status. I was told that my refund had been completely approved and they were expecting a check to be issued by XXXX/XXXX/XXXX at the latest. XXXX/XXXX/XXXX - I called again to check the status of the refund. I was told a check in the amount of {$58.00} was in the process of being issued. {$50.00} of this would go back into my Escrow account and I would get a check for {$8.00}. I asked her to look up the handwritten letter that I had sent with the full {$720.00} and she found it. She did not know why they only requested a check for {$58.00}. She put me on hold and spoke with a supervisor. When she came back she had no answers and did n't say that they would work to resolve it. She tried to transfer me to the insurance department but instead I was transferred to " XXXX XXXX '' and then told it was the wrong department and I was hung up on.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-21

E Lansdowne, PA

Trouble during payment process

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-20

Scottsdale, AZ

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-19

Boston, MA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: In XX/XX/XXXX, I noticed that my mortgage payment increased by approximately {$500.00} per month since XX/XX/XXXX. In the account statement, I found that the difference was due to a substantial increase in my escrow account ( from {$87.00} to {$500.00} per month ). The mortgage company, XXXX, paid out {$1400.00} from my escrow account, causing a negative balance in my escrow account and the increase of my monthly escrow payment. My real estate property tax was analyzed by the escrow department of this company ( XXXX ) in XX/XX/XXXX, however, it is incorrect because my real estate taxes have never been that high ( I have been in my current residence for 8 years ). This was confirmed by my city tax collector. Although XXXX paid out {$1400.00} from my escrow account, my real estate property taxes were in fact never paid. I received a warrant noticed from my city that I did not make tax payments. When I called, the city tax collector informed me that the mortgage company has not paid my taxes for the last 3 quarters and that I will have a lien on my mortgage if I do n't pay soon. The total amount of taxes I owe to my city is currently {$500.00}. The amount of overage that XXXX has charged me is {$830.00} for XX/XX/XXXX and XX/XX/XXXX. I reached out to XXXX on XX/XX/XXXX for this matter and received an automated response. I never received any call backs. Since then, I called numerous times and spent hours on the phone trying to resolve the issue, but nothing occurred. On XX/XX/XXXX, I mailed a letter per CFPB suggestion. I have attached the letter in this complaint. On XX/XX/XXXX, I called again and spent 2 hours on the phone. A representative ( XXXX, agent # XXXX ) told me that a supervisor will call me back. When the supervisor called, I could n't answer the phone and this supervisor left a message stating that her name is " XXXX XXXX '' and left me the XXXX number without an extension. When I called in the morning of XX/XX/XXXX, a representative told me that I can not reach XXXX XXXX because it was never indicated in the notes that XXXX XXXX indeed called, and that I need to continue to wait for a supervisor call back. I no longer have any confidence that XXXX has any intend on resolving this enormous error nor can I tell whether this error was made intentionally or not. On XX/XX/XXXX, I sent customer support an email request to immediately close my escrow account and not to disburse any further payments from my loan account.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-19

Raymond, NH

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: Please Help, I am current on my mortgage payment, I never made a late payment, I do not have any other liens or other mortgage on my property. I made a request to have the PMI on my loan canceled after making additional payment to bring the principal to XXXX loan to value. Now the bank is asking to send them a check for {$420.00} to have the property appraised if I want to proceed with my request. I feel this {$420.00} the Loancare is asking me is additional step that I should not have to take since I already met all the requirement to have the PMI removed.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-19

Northside, NC

Trouble during payment process

Mortgage: FHA mortgage

Complaint: XX/XX/XXXX : Called them regarding the escrow shortage letter that we received and it was promised that they would waive the late fee for XXXX 2017 of {$22.00} and plus sent clarification that the rise in the escrow payment would only be for a year. Neither of those have been done. We had a third party examine our closing disclosure and the escrow payments collected from and paid out by the mortgage service provider and not only are we not short but we have an excess of around {$1600.00}. Called again on XX/XX/XXXXand they have been unresponsive to our request for getting this cleared up so hopefully this will speed up the process.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-19

Coral Springs, FL

Struggling to pay mortgage

Mortgage: FHA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-18

Richmond, KY

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-18

Five Points, NC

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: My mortgage is serviced by LoanCare and from the beginning it has been an absolute nightmare. Our monthly payment should have been around {$1800.00} however our first payment and every one thereafter for 3 years was {$1700.00} according to the statements they sent us. I inquired about it and was told that was the correct amount due, {$1700.00}. SO that is what we paid, every month, on time for 3 years. Now all of a sudden our payment has jumped to over {$2000.00} because they realized they were not charging us PMI as they should have been all of this time. We have continued to pay our {$1700.00} because we were not notified of the change. Now our loan is in default and we are getting warning letters. I do not feel that because loancare screwed up for 3 years that is now our fault. I do n't mind paying the new payment amount of {$1800.00} going forward but I should not be responsible for their error for the past 3 years and be made to catch up immediately. Futhermore, they are no longer posting our payments. I made my XX/XX/XXXX payment and it cleared my checking account, they cashed the check but they will not apply it to the loan! Now my credit is affected poorly. A quick XXXX search of loancare will provide you with numerous other customers in my same situation.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2017-09-15

Commerce, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response